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Oceanagold Provides Multi-year Outlook And Completes Haile Mine Technical Review
(All financial figures in US Dollars unless otherwise stated) BRISBANE, Australia, Feb. 9, 2022 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the "Compa
About this update from Oceanagold Corporation
[{"type":"text","content":" (All financial figures in US Dollars unless otherwise stated) BRISBANE, Australia, Feb. 9, 2022 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the \"Company\") is pleased to provide a three-year outlook of its forecast production, costs and capital requirements, including a detailed guidance for 2022. The Company has also completed the Technical Review of its Haile Gold Mine and, following a review of the carrying value of its assets in accordance with relevant accounting standards, the Company expects to incur a non-cash post-tax impairment charge of $102 million in its 31 December 2021 financial statements. This includes a non-cash post tax impairment charge of $181 million related to the Haile operation and a non-cash post tax impairment reversal of $79 million to fully reinstate the carrying value of the Didipio operation. Highlights Consolidated 2022 gold production guidance of 445,000 to 495,000 ounces and 11,000 to 13,000 tonnes of copper. Consolidated 2022 AISC guidance of $1,275 to $1,375 per ounce sold including cash costs between $675 to $775 per ounce sold, both on a by-product basis. Didipio 2022 production guidance range near full production levels at 100,000 to 110,000 ounces of gold along with 11,000 to 13,000 tonnes of copper. Multi-year consolidated gold production of: 490,000 to 530,000 ounces plus 12,000 to 14,000 tonnes of copper at an AISC of $1,150 to $1,300 per ounce sold in 2023; and 580,000 to 620,000 ounces plus 12,000 to 14,000 tonnes of copper at an AISC of $1,000 to $1,150 per ounce sold in 2024. No material impact on Haile Mineral Reserves or Resources as a result of Technical Review. Scott Sullivan, Acting CEO of OceanaGold said, \"OceanaGold has a bright future. Over the next three years, we expect to increase gold production by approximately 70% compared with 2021, representing a compounded annual growth rate of approximately 15%. More importantly, we are expecting increasing free cash flow margins, particularly in 2024 with the step change in production and a decrease in capital investments. Additionally, copper production is expected to increase to steady-state production levels beyond this year as Didipio has ramped-up well ahead of expectations.\" \"We have completed the Haile Technical Review which assessed the mine plan utilising updated operating and capital costs based ...